United States
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number 0-11771
SJNB Financial Corp.
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(Exact name of registrant as specified in its charter)
California 77-0058227
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(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
ONE NORTH MARKET STREET, SAN JOSE, CALIFORNIA 95113
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408) 947-7562
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Exchange Act:
Common Stock, no par value
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(Title of class)
Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ X ] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]
The aggregate market value of the voting common equity held by non-affiliates of
the registrant, based on a market value of $29.00 per share (the closing price
of the Common Stock, as of February 29, 2000) was $85,774,000
Number of shares of common stock outstanding as of February 29, 2000: 3,617,408
shares
Documents incorporated by reference:
Portions of the registrant's definitive proxy statement for the registrant's
2000 Annual Meeting of Shareholders (to be filed pursuant to Regulation 14A) are
incorporated by reference into Part III of this Report.
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SJNB Financial Corp. and subsidiary
Consolidated Statements of Cash Flows
Years ended December 31, 1999, 1998 and 1997
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(dollars in thousands) 1999 1998 1997
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Cash flows from operating activities:
<S> <C> <C> <C>
Net income $5,808 $5,541 $5,114
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan and lease losses 495 300 705
Depreciation and amortization 626 546 529
Amortization of intangibles 456 457 473
Deferred tax benefit (230) (56) (356)
Loss on sale of securities available for sale 51 4 47
Net gain on sale of other real estate owned ----- ----- (65)
Amortization of premium (discount) on investment securities, net 10 (49) (48)
(Increase) decrease in intangible assets (45) (50) 237
Increase in accrued interest receivable and other assets (1,643) (253) (2,107)
Increase in accrued interest payable and other liabilities 184 1,678 1,716
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Net cash provided by operating activities 5,712 8,118 6,245
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Cash flows from investing activities:
Proceeds from sale or maturities of securities available for sale 16,761 32,476 18,610
Maturities of securities held to maturity 6,125 4,323 2,250
Purchase of securities available for sale (46,783) (19,008) (18,850)
Purchase of securities to be held to maturity (3,993) (1,768) (857)
Proceeds from the sale of other real estate owned ----- ----- 519
Net increase in loans and leases (65,785) (32,274) (30,562)
Capital expenditures (669) (400) (444)
Cash used to acquire Epic Funding Corp. ----- (206) -----
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Net cash used in investing activities (94,344) (16,857) (29,334)
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Cash flow from financing activities:
Net increase in deposits 68,300 32,097 25,706
Increase (decrease) in other short-term borrowings 5,997 (11,000) (13,688)
Cash dividends (1,330) (1,390) (1,123)
Common stock repurchased (3,104) (3,498) (2,495)
Common stock issued 1,800 ----- -----
Proceeds from stock options exercised 275 529 206
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Net cash provided by financing activities 71,938 16,738 8,606
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Net (decrease) increase in cash and equivalents (16,694) 7,999 (14,483)
Cash and equivalents at beginning of year 33,524 25,525 40,008
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Cash and equivalents at end of year $16,830 $33,524 $25,525
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Other cash flow information:
Interest paid $10,639 $9,118 $8,511
Income taxes paid 4,750 2,626 3,445
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Purchase of Epic Funding Corp.:
Leases ----- $149 -----
Other assets ----- 789 -----
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Total assets acquired ----- 938 -----
Cash paid and expenses incurred (206)
Liabilities assumed:
Other liabilities ----- 231 -----
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Total liabilities assumed ----- 231 -----
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Common stock issued, net of registration costs ----- $501 -----
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<FN>
See accompanying Notes to Consolidated Financial Statements.
</FN>
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